Assignment
What started out as a cold outreach prospecting for tenants for listing activity, ended with acquiring a building and leasing vacant 2nd gen. restaurant drive thru space
Our Challenges:
- Originally engaged to locate 5,000 SF in Grandview/ Upper Arlington for a 3rd Butcher Shop Fitness location, we quickly pivoted to acquiring 808-828 Grandview Ave, a property positioned at the signalized intersection of Grandview Ave and Dublin rd and anchored by @Thrive Companies Grandview Crossing development. The property had one lease on the in-line space with La Vie Nails.
- Drive thru's in Grandview require a conditional use permit and are held by the operating Tenant, not the property owner.
End Result:
- The investment allowed for Butcher shop to be an owner user of over 50% of the building, with a value creation component in the form of the end cap vacancy. While under contract to acquire the property we fielded multiple offers at our asking rate, with no TIA and no LL contribution. Ultimately, taking into consideration the importance of a dynamic retail ecosystem with fitness and a nail salon/spa, we successfully leased the premises to a financially sound, growing brand with a focus on health conscientious quick service food. This process is an example that echoes the importance of working with a full service retail brokerage shop that can adapt quickly and execute on all fronts.
Agents involved: Austin Loconti
